Hsbc Holdings PLC Acquires 1,277 Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI)

Hsbc Holdings PLC boosted its holdings in shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 13.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 10,984 shares of the technology company’s stock after buying an additional 1,277 shares during the period. Hsbc Holdings PLC’s holdings in Cogent Communications were worth $622,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. EntryPoint Capital LLC bought a new stake in shares of Cogent Communications during the 1st quarter worth about $26,000. Covestor Ltd lifted its holdings in Cogent Communications by 17.2% in the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after purchasing an additional 276 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Cogent Communications in the 1st quarter worth approximately $136,000. Syon Capital LLC bought a new stake in Cogent Communications during the fourth quarter worth approximately $211,000. Finally, waypoint wealth counsel acquired a new position in Cogent Communications during the second quarter valued at approximately $238,000. 92.45% of the stock is currently owned by institutional investors.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $75.92 on Tuesday. The company’s fifty day moving average is $71.06 and its two-hundred day moving average is $64.12. Cogent Communications Holdings, Inc. has a 52-week low of $50.80 and a 52-week high of $86.00. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of 3.01 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. The business had revenue of $260.40 million for the quarter, compared to the consensus estimate of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the business earned ($0.13) earnings per share. Equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.46 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.985 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 dividend on an annualized basis and a dividend yield of 5.19%. Cogent Communications’s payout ratio is currently 15.61%.

Insider Activity at Cogent Communications

In related news, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the completion of the transaction, the executive now directly owns 50,982 shares of the company’s stock, valued at $3,557,014.14. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP John B. Chang sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the sale, the vice president now directly owns 71,580 shares in the company, valued at approximately $5,130,138.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the transaction, the executive now owns 50,982 shares of the company’s stock, valued at approximately $3,557,014.14. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,870 shares of company stock worth $4,716,057. 11.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CCOI has been the subject of a number of analyst reports. TD Cowen boosted their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. KeyCorp boosted their target price on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Bank of America cut shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $75.00 to $65.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. lifted their price objective on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Finally, Citigroup boosted their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $75.86.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.